The committee heard evidence from the finance industry that banks had not been given enough time to enact potentially costly changes before the end of the year.

However, the committee’s government-led majority found they had been “reassured by suggestions from the banking industry and Treasury that the challenges of implementing the amendments in the time frame envisaged in the bill are manageable".

The coalition said the government should delay the changes to ensure customers were not hit with unnecessary costs.

“While there is some merit in some of the measures proposed, this is largely wiped out by the rushed, ill-considered and disorderly manner in which they are being pursued," coalition senators said in a dissenting report.

They called on the government to delay the bill or postpone the start date for the changes by one year.